Mineral exploration company Iron Road (ASX:IRD) secured the initial AU$1.5 million milestone payment from Amp Energy following the Foreign Investment Review Board approval for the Cape Hardy land purchase option, according to a Friday filing with the Australian Securities Exchange.
The approval allows the company to retain a AU$2.5 million deposit paid by Amp on Aug. 19, and unlocks the next AU$3 million milestone payment due by the end of the fourth quarter of 2024, the filing said.
Iron Road shares fell nearly 2% in morning trade.
Price (AUD): $0.07, Change: $-0.0010, Percent Change: -1.52%
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